Business Market 16 Aug 2017 Rupee weakens by 17 ...

Rupee weakens by 17 paise to 64.29 on strong dollar demand

PTI
Published Aug 16, 2017, 10:19 am IST
Updated Aug 16, 2017, 10:19 am IST
Forex dealers said dollar strengthening against other currencies overseas weighed on rupee trade.
Higher opening in domestic stock market limited rupee losses. (Photo: PTI).
 Higher opening in domestic stock market limited rupee losses. (Photo: PTI).

Mumbai: The rupee fell 17 paise to 64.29 against the US dollar in early trade today due to increased demand for the American currency from importers amid foreign fund outflows.

Forex dealers said dollar strengthening against other currencies overseas on strong US sales data weighed on the rupee sentiment.

 

However, a higher opening in the domestic stock market limited the rupee losses, they added.

Foreign institutional investors (FIIs) sold shares worth Rs 1,638.83 crore on Monday, as per the provisional data.

On Monday, the rupee had closed almost flat at 64.12 a dollar on emergence of fag-end demand for the American currency. Market remained closed yesterday on account of Independence Day.

Meanwhile, the benchmark BSE Sensex rose 153.61 points, or 0.48 per cent, to 31,602.64 in early trade.

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